U.S. stocks climbed as investors reacted to President-elect Donald Trump’s nomination of Scott Bessent as treasury secretary.
On Monday, Nov. 25, the S&P 500 rose 0.3%, bringing its year-to-date gain to 26.2%. The Dow Jones Industrial Average gained 1%, while the Nasdaq composite edged higher by 0.3%, maintaining its strong YTD performance of 29%.
Oil prices dropped 3% to $69.08 per barrel, continuing their recent slide, while gold fell 3.4% to $2,626.40 as investor sentiment shifted toward equities.
U.S. stocks advanced on Tuesday as investors shrugged off concerns over Trump’s proposed tariffs. The S&P 500 gained 0.6%, the Dow rose 0.3% and the Nasdaq added 0.6%, maintaining a strong 29.9% YTD gain.
However, the Russell 2000 slipped by 0.7%, showing a divergence in small-cap performance.
Oil prices dipped by 0.2%, while gold rose 0.3% to $2,633.80, reflecting mixed commodity trends. Meanwhile, the 10-year Treasury yield climbed by two basis points to 4.3%, signaling a slight rise in bond market yields as traders anticipated further Treasury sell-offs.
On Wednesday, U.S. stocks fell before Thanksgiving, led by declines in technology shares as investors absorbed a wave of earnings reports and economic data. The S&P 500 declined 0.4%, snapping a seven-session winning streak, while the Nasdaq fell 0.6%.
The Dow decreased by 0.3% after briefly surpassing 45,000 points for the first time during early trading. Despite the pullback, major indexes remained near all-time highs following a post-election rally.
Economic indicators, including the Federal Reserve’s preferred measure of inflation, largely met expectations, providing few surprises for market participants. Treasury yields dipped, with the 10-year yield falling to 4.26% from 4.30% the previous day, as investors recalibrated expectations for future Fed interest rate decisions.
Markets were closed on Thursday for Thanksgiving.
On Friday, U.S. stocks ended the short holiday trading week on a high note. The S&P 500 rose 0.6%, the Dow climbed 0.4% and the Nasdaq advanced 0.6%.
Gold increased 0.4% to $2,673.90, while oil slipped by 0.9% to $68.15 per barrel. The 10-year Treasury yield fell by 8.1 basis points to 4.2%, hitting its lowest level since October, as bond investors reassessed market risks.
Fed officials are closely monitoring upcoming economic data, including the November jobs report and consumer price index, to guide their next policy moves. Markets expect a 67% probability of a 25 basis-point rate cut and key releases like job openings, ADP employment and non-farm payrolls are expected to shape expectations.
